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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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i paid a mortgage on a house for 20 years and then sold it.

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i paid a mortgage on a house for 20 years and then sold it. After the house balance was paid off and all fees were paid I had a gain of 24,000 dollars. Is the gain subject to federal taxes ?
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.
Hello and thank you for using Just Answer. Was the home your principal residence?
Customer: replied 8 years ago.
yes it was my principal residence and i will accept it.
Expert:  Marvin,EA replied 8 years ago.

You can exclusion from income up to $250,000 of gain from the sale of your personal residence if you owned and used the home as a principal residence for at least two out of the five years prior to the sale.

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